Company Valuation: Thai Union Group

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 90,769 78,672 66,827 55,317 49,345 49,346 - -
Change - -13.33% -15.06% -17.22% -10.8% 0% - -
Enterprise Value (EV) 1 1,52,087 1,26,000 1,18,365 1,15,495 1,16,015 1,09,959 1,09,489 1,07,380
Change - -17.15% -6.06% -2.42% 0.45% -5.22% -0.43% -1.93%
P/E 11.7x 11.5x -4.76x 12x 11x 10.9x 10.3x 9.49x
PBR 1.53x 0.98x 1.16x 1.14x 1.11x 1.11x 1.05x 1x
PEG - -1x 0x -0x 1.49x 13.51x 1.55x 1.16x
Capitalization / Revenue 0.64x 0.51x 0.49x 0.4x 0.37x 0.36x 0.35x 0.34x
EV / Revenue 1.08x 0.81x 0.87x 0.83x 0.87x 0.79x 0.77x 0.73x
EV / EBITDA 12.2x 10.2x 10.7x 9.97x 11.2x 9.08x 8.53x 8.07x
EV / EBIT 18.4x 15.7x 17.1x 16x 18.8x 15.1x 14x 12.9x
EV / FCF 71.8x 237x 18.7x 10.5x 143x 15.7x 21.1x 19.9x
FCF Yield 1.39% 0.42% 5.34% 9.5% 0.7% 6.35% 4.73% 5.03%
Dividend per Share 2 0.95 0.84 0.54 0.66 0.7 0.7431 0.7959 0.8664
Rate of return 4.87% 4.97% 3.6% 5.08% 5.47% 5.81% 6.22% 6.77%
EPS 2 1.66 1.47 -3.15 1.08 1.16 1.169 1.247 1.349
Distribution rate 57.2% 57.1% -17.1% 61.1% 60.3% 63.6% 63.8% 64.2%
Net sales 1 1,41,048 1,55,586 1,36,153 1,38,433 1,32,719 1,38,447 1,42,752 1,47,104
EBITDA 1 12,440 12,374 11,103 11,587 10,380 12,107 12,835 13,302
EBIT 1 8,256 8,050 6,912 7,222 6,170 7,269 7,818 8,341
Net income 1 8,013 7,138 -13,933 4,985 4,609 4,831 5,214 5,685
Net Debt 1 61,318 47,328 51,538 60,178 66,670 60,613 60,143 58,034
Reference price 2 19.50 16.90 15.00 13.00 12.80 12.80 12.80 12.80
Nbr of stocks (in thousands) 46,54,815 46,55,133 44,55,133 42,55,133 38,55,094 38,55,133 - -
Announcement Date 23/02/22 20/02/23 19/02/24 17/02/25 19/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
35.48x2.07x9.7x3.95% 1.2TCr
24.86x3.06x11.52x3.85% 849.01Cr
25.48x1.08x7.25x5.6% 289.16Cr
12.27x0.64x8.72x2.87% 234.12Cr
16.92x0.73x4.72x7.56% 188.56Cr
10.95x0.79x9.08x5.81% 149.87Cr
8.52x0.34x3.86x3.24% 123.36Cr
Average 19.21x 1.24x 7.84x 4.69% 433.04Cr
Weighted average by Cap. 26.29x 1.92x 9.32x 4.28%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  5. Valuation Thai Union Group
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